Slight decline in GDP in the last quarter of 2020

Serbia’s gross domestic product in the fourth quarter of 2020 decreased by 1.1% compared to the same period in 2019, while, according to seasonally adjusted data, it increased compared to the previous quarter by 2.2%, the State Statistics Office announced today.

In terms of economic branches, in the last three months of last year, there was a significant year-on-year real decline in gross value added in the construction sector by 9.1%, as well as in wholesale and retail trade and motor vehicle repair, transport and storage, accommodation and food services by 3.6%.

At the same time, the highest growth was achieved by the sector of industry and water supply and wastewater management (1.5%), information and communication (5.5%) and state administration, mandatory social insurance, education and health and social welfare by 3.9%.

Looking at the aggregates in the use of GDP, in the fourth quarter of 2020, at the annual level, real growth was recorded in final government spending by 4.6%, export of goods and services by 2.1% and import of goods and services by 0.8%.

The real decline in expenditures was recorded in household final consumption expenditures of 2.7 percent, nonprofit institutions serving households (NPID) final consumption expenditures of 2.9 percent, and gross fixed capital formation of 4.1 percent.

(Blic, 01.03.2021)



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